ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To more easily create advertising for the product
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To create an organized look and feel for the product
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To produce a better year-end report for the product
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To ensure a strong customer base for the product
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Detailed explanation-1: -Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.
Detailed explanation-2: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.
Detailed explanation-3: -Understanding your market-both your customers and your competitors – is essential if you’re going to build a successful business. Finding out what your customers really want will help you improve your products and services to meet their needs.
Detailed explanation-4: -How many customers are in the market? Can these customers pay for your products or services? Do these customers have the need you solve? How many competitors are competing for your customers’ business? How does your business compare to your competitors? 06-May-2022
Detailed explanation-5: -Turn your idea into a plan. Every entrepreneurial journey starts with an idea. Self-discipline. Be flexible. Follow your passion. Listen to the pros. Find a nurturing environment for entrepreneurs. 22-Sept-2017